Albury's iconic Soden's Hotel will go under the hammer on May 14 after the building's owner went into receivership.
The freehold sale pertains to the building, land, property licence and entitlement, not the business.
The change of ownership will not affect the pub's operation as there is 19 years left on the current lease.
Licensees Brendan Tracey and Lyndall Hutchinson have confirmed they will be staying on operating the business.
It's the first time the property has changed hands since 1998 when Graham Bosse and Mal Hutchinson sold it to the Angius family.
The two-storey, heritage-listed property, established in 1857, is expected to attract significant interest from potential investors.
FerrierSilvia was appointed receiver after the current owners, J&L Angius PTY LTD went into receivership in July 2018.
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It came after a bitter legal dispute between Giovanni "John" Angius and his son Robert following the death of John's estranged wife and Robert's mother, Laura.
Laura Angius was found dead at the bottom of a staircase in 2012, with a coroner's inquest delivering an open finding.
Manenti Quinlan & Associates and D.J. May Real Estate will oversee the sale.
MQ Associates' Leonard Bongiovanni would not say what price the freehold was expected to fetch but said being a receivership sale interested parties likely want it sold on the day of the auction.
"Rarely does an investment of this calibre become available," he said.
The sale includes a net annual rental income of more than $276,000, 16 gaming machine entitlements with a value of $3.165 million.
Doug May of D.J. May Real Estate expects significant interest in the sale.
"This is a fantastic opportunity to acquire a freehold passive investment with a strong underlying asset value," he said.
"We expect the opportunity to be highly sought-after in the market."
It features a public bar, private dining areas, TAB, bistro with indoor play area, as well a private bar and beer garden.
Mr Bongiovanni said the property had a massive underlying value and there was potential for more intensive use of the land in the future as the site featured attractive planning overlays.
The site is zoned mixed-use, with a height limit of 35 metres in place.
In 2011 the 3,125sqm hotel underwent extensive renovations worth more than $3 million.
But in November, a 140-year-old awning was destroyed after a man allegedly doing burnouts in his car lost control and took out three posts, causing more than $200,000 worth of damage.
A 24-year-old was later charged with being an unlicensed driver, negligent driving not occasioning grievous bodily harm and not giving particulars to owner of damaged property.
The auction will take place on-site on May 14 at 3pm.
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